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Essay / Research Paper Abstract
This 4-page paper examines the Sarbanes-Oxley Act of 2002 and the abuses it is targeted against, as seen in the Enron downfall. Bibliograpy lists 3 sources.
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4 pages (~225 words per page)
File: D0_MTensaox.rtf
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Unformatted sample text from the term paper:
were already on the books to prevent situations such as Enron from happening, they didnt deter the companys downfall - in fact, Enrons senior management had showed a remarkable disregard
for any type of law. This is why, close to one year later, Congress passed the Sarbanes-Oxley Act of 2002, an act to address corporate reform. While the Act never
targeted Enron specifically, it is widely understood that passage of the act was geared to send a message to Enron corporate executives - namely, cheaters never prosper. But whether the
act will deter another Enron still remains yet to be seen. But the Act does more than send a message - Democrat
Senator Paul Sarbanes of Maryland, who co-drafted the Act, wrote provisions creating new regulatory initiatives directed toward stopping fraud from occurring at all, rather than dealing with it after it
has occurred (Leahy, 2003). Also included in this Act is criminal provisions that are aimed at preserving evidence of fraud (Leahy, 2003). These two issues, among others, helped assist Enrons
downfall. For one thing, Enron had been perpetrating fraud for years through its dishonest accounting methods. Although much of its accounting and
audit functions were in accordance with Generally Accepted Accounting Principles (GAAP), hiding debt in dummy corporations, as well as creating extra cash with clever accounting, was a definite violation of
accounting regulations. Arthur Andersen, for its own reasons, kept silent about what was going on, despite the fact it was illegal,
and despite the fact that, as Enrons auditor, Andersen was duty-bound to point out the error of Enrons ways to its senior management; and if its senior management did nothing,
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